- 7 Marks
Question
Prepare the statement of financial position for Badu Trading Ltd for the year ended 31 May 2020.
Answer
b) Statement of financial position as at 31 May 2020
| Assets | GH¢000 | GH¢000 |
|---|---|---|
| Non-current assets | ||
| Property, plant and equipment | 39,600 | |
| Current assets | ||
| Inventory | 4,600 | |
| Trade and other receivables (7,400 + 200) | 7,600 | |
| Cash and cash equivalents | 700 | |
| 12,900 | ||
| Total assets | 52,500 | |
| Equity and liabilities | ||
| Capital and reserves | ||
| Equity shares | 21,000 | |
| Revaluation reserve | 4,700 | |
| Accumulated profits | 11,800 | |
| 37,500 | ||
| Non-current liabilities | ||
| 8% Debentures 2024 | 5,200 | |
| Current liabilities | ||
| Trade and other payables | 7,300 | |
| Taxation (2,100 + 400) | 2,500 | |
| 9,800 | ||
| Total equity and liabilities | 52,500 |
- Tags: Final Accounts, Financial Reporting, Statement of Financial Position
- Level: Level 2
- Topic: Preparation of Financial Statements
- Series: MAY 2020
- Uploader: Olaoluwa